China's Re-opening | 12/05/2022
Posted: Dec. 5, 2022, 8 a.m.
-
Bill Baruch is in studio joining the CNBC Halftime Report at 11:00 am CT. Do not miss it!
- Do not miss our weekly Top Things to Watch this Week, out every Sunday
- China continues a reopening and drops testing requirements in Shanghai, Beijing, and Shenzhen.
- The Chinese Yuan strengthens by 1% and is back above the psychological 7.0 mark versus the U.S. Dollar, the best level since September 13th.
- Hang Seng +4.5% to start the week, the best level since September 2nd.
- Shanghai Composite +1.76%, best level since September 15th.
- G7 price cap comes takes hold, capping Russian Oil at $60 and targeting buyers (China, India, Turkey, etc) of Russian Oil in order to be carried by EU ships, with insurance, and facilitated by EU banks, etc.
- OPEC+ decides to keep current production levels, carrying over a 2 mbpd cut decided in October as it assesses global economic growth.
- Tailwinds from China’s reopening plans, strengthening Yuan, G7 price cap, and OPEC+ carried cut have underpinned early strength in Crude Oil, WTI +2.5-3%, retesting the $83 mark.
- Blowout Nonfarm Payroll Report on Friday, +263k jobs versus 200k expected.
- Wage Growth front and center, +0.6% m/m (v +0.3% exp), matching the largest gain since January, +5.1% y/y (v +4.6% exp).
- Gains in Transportation and Warehousing +2.5% m/m, alludes to Amazon, FedEx etc not forecasting a slow holiday season.
- Our Macro Corner chartbook covers highlights from Nonfarm Payrolls.
- Our daily Midday Market Minute, from Friday, covering the reaction to Nonfarm Payrolls.
- Eurozone and China Services PMI data contracts more than expected.
- Final U.S. SPGI Services PMI due at 8:45 am CT and followed by the more closely watched ISM Non-Manufacturing read at 9:00 am CT.
E-mini S&P (December) / NQ (December)
S&P, yesterday’s close: Settled at 4075.50, down 6.25 on Friday and up 43.00 on the week
NQ, yesterday’s close: Settled at 12,010.25, down 52.50 on Friday and up 227.50 on the week
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
NQ (December)
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Crude Oil (January)
Yesterday’s close: Settled at 79.98, down 1.24 on Friday and up 3.70 on the week
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Gold (February) / Silver (March)
Gold, yesterday’s close: Settled at 1809.6, down 5.6 on Friday and 40.8 on the week
Silver, yesterday’s close: Settled at 23.25, up 0.409 on Friday and up 1.641 on the week
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Silver (March)
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Start Trading with Blue Line Futures
Don't have an account with Blue Line Futures?
Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial